SWAPD is slowly growing, and with the rise of new members, we keep running into users who do not believe in our escrow services and convince our buyers/sellers to use Escrow.com. But, can you really use Escrow.com for social media sales? I would like to talk about this issue a tad and present to our readers what we have learned over the years and share our stories with you.
What is Escrow.com?
In short, it’s the most know online middleman service on earth. Escrow comes between a buyer/seller to make sure a transaction is conducted safely.
What can you use Escrow.com for?
You can use them for lots of things. From real estate, cars, to everyday items, and even domains.
Can you use Escrow.com for social media sales?
This is where things get iffy. There are tons of people who will swear that Escrow is their go-to platform for social media sales because they’ve conducted many sales without a problem. However, being in this business for almost ten years now I have a different side to that story. A side where scammers user Escrow to actually rob people of their social media properties, and this is how the scam works.
In the following example, the buyer is the scammer.
- A buyer/seller talk business, they strike a deal.
- To keep things safe, they agree on a middleman.
- They pick Escrow.com
- A transaction is started, Escrow begins to collect the payment and hold it until the transfer is complete.
- When the seller knows the money is secured, he gives the buyer the credentials.
- The buyer takes over the account and secures everything.
- Next, the buyer cites that this isn’t what he wanted, nor it isn’t as described. Sometimes, scammy buyers will just say that the credentials didn’t work.
- A dispute starts. Proof gets submitted left and right.
- The crafty buyer cites that he wasn’t even aware of this, but buying/selling social properties violates the TOS of the platform they’re served on.
- Escrow.com closes the dispute, in the favor of the buyer, releasing the money back to him. He gets to keep his money and the account he just secured.
We’ve seen/heard about scenarios like this all the time. Scammers use Escrow own rules against the sellers, which state:
In addition, Escrow.com, in its sole discretion, may refuse to complete any Transaction that Escrow.com has reason to believe is unauthorized or made by someone other than you, may violate any law, rule or regulation, or if Escrow.com has reasonable cause not to honor it. Each User agrees to indemnify and hold Escrow.com harmless for losses resulting from any use or attempted use of the Services in violation of this Agreement.
I’ve highlighted the part where the scammers go to when trying to close a dispute in their favor. They simply provide TOS of the platforms and go “see, you can’t even sell these things and I didn’t even know.” They will claim that they gave access back, or that the access never worked, so they can’t do anything. Since there is no way for Escrow to track that (unlike domain ownership, where you can do a search on a domain history), they won’t allow the sale to go through.
So, while most people are honest and a vast majority of social media accounts go unnoticed, Escrow.com isn’t safer than SWAPD in this category, despite what some members will tell you.
What makes SWAPD different than Escrow.com?
While it’s not really fair to compare the two since SWAPD is a tiny marketing forum and the other a global giant in escrow services, I believe in our field we perform better. Why?
- We audit, Escrow doesn’t. Escrow staff won’t look at you twice if you ask for their help/opinion about a property.
- We verify logins and fully help secure the properties. Escrow doesn’t. They don’t even care about logins. The just hold the money until the buyer is happy. If he isn’t, there are usually problems.
- We respond quicker. I keep seeing reports popping up everywhere that Escrow wait times (for responses) prolong transactions to a 7-8 day average (with rare cases going up to 30 days). We do it in 1-3 days.
- We go out of our way to help victims and track down scammers, even if months have passed after a transaction. Escrow won’t do that.
Long story short, if you’re selling a house, car, plane, boat, or a domain, Escrow.com is arguably a good place to do it. Social media properties? Not so much.
Do you have any Escrow.com experiences you would like to share? Please do so in the replies below.